First Republic Bank (FRC) 2022 Q2 法說會逐字稿

Greetings, and welcome to First Republic Bank's Second Quarter 2022 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions) I would now like to turn the call over to Mike Ioanilli, Vice President and Director of Investor Relations. Please go ahead.

您好，歡迎參加第一共和銀行 2022 年第二季度收益電話會議。今天的會議正在錄製中。 （操作員說明）我現在想將電話轉給副總裁兼投資者關係總監 Mike Ioanilli。請繼續。

Thank you, and welcome to First Republic Bank's second quarter 2022 Conference Call. Speaking today will be Jim Herbert, Founder and Executive Chairman; Mike Roffler, CEO and President; Mike Selfridge, Chief Banking Officer; Bob Thornton, President - Private Wealth Management; and Olga Tsokova, Chief Accounting Officer and Acting Chief Financial Officer.

謝謝，歡迎參加第一共和銀行 2022 年第二季度電話會議。今天發言的將是創始人兼執行主席 Jim Herbert； Mike Roffler，首席執行官兼總裁； Mike Selfridge，首席銀行官； Bob Thornton，總裁 - 私人財富管理；以及首席會計官兼代理首席財務官 Olga Tsokova。

Before I hand the call over to Jim, please note that we may make forward-looking statements during today's call that are subject to risks, uncertainties and assumptions. For a more complete discussion of the risks and uncertainties that could cause actual results to differ materially from any forward-looking statements, see the bank's FDIC filings, including the Form 8-K filed today, all available on the Bank's website. And now, I'd like to turn the call over to Jim Herbert.

在我將電話轉交給 Jim 之前，請注意，我們可能會在今天的電話會議中做出受風險、不確定性和假設影響的前瞻性陳述。有關可能導致實際結果與任何前瞻性陳述產生重大差異的風險和不確定性的更完整討論，請參閱銀行的 FDIC 文件，包括今天提交的 8-K 表格，所有這些文件都可在銀行網站上找到。現在，我想把電話轉給吉姆赫伯特。

Thank you, Mike. Good morning, everyone. Driven by a steady and intense focus on service, safety and stability, First Republic has produced consistent growth and results since our founding 37 years ago. This quarter's strong results once again demonstrate the stability and the power of our business model and our culture.

謝謝你，邁克。大家，早安。在對服務、安全和穩定性的穩定和高度關注的推動下，First Republic 自 37 年前成立以來取得了持續的增長和成果。本季度的強勁業績再次證明了我們商業模式和文化的穩定性和力量。

Our model is straightforward. Extraordinary service leads to client satisfaction levels that are significantly higher than the banking industry and are even higher than most other leading companies, regardless of industry.

我們的模型很簡單。卓越的服務使客戶滿意度顯著高於銀行業，甚至高於大多數其他領先公司，無論行業如何。

This very high client satisfaction level, in turn, drives our organic growth, as our existing very satisfied clients stay with us. They do more with us, and they refer their friends and their colleagues. At the same time, we maintain a steadfast focus on long-term safety and stability. This focus has produced steady, long-term results, strong capital and exceptional credit quality throughout the Bank's history.

這種非常高的客戶滿意度反過來又推動了我們的有機增長，因為我們現有的非常滿意的客戶一直在我們身邊。他們和我們一起做的更多，他們推薦他們的朋友和同事。同時，我們堅定不移地關注長期安全和穩定。在整個銀行的歷史上，這種關注產生了穩定、長期的結果、強大的資本和卓越的信用質量。

For example, since the year 2000, our net charge-offs have been only 1/10th of those of the top 50 banks. Our model and our culture have proven to be very successful long term through all economic cycles. In fact, during times of broader economic uncertainty, our holistic client-centric service is even more valued by our clients. During these times, we often see our new client household acquisition rate increase as it is currently doing.

例如，自 2000 年以來，我們的淨沖銷僅為前 50 家銀行的 1/10。我們的模式和我們的文化已被證明在所有經濟周期中都非常成功。事實上，在更廣泛的經濟不確定時期，我們以客戶為中心的整體服務更加受到客戶的重視。在這些時期，我們經常看到我們的新客戶家庭獲取率增加，就像目前一樣。

Today, our model is stronger than ever. This has once again driven our excellent performance during this most recent quarter, and we are well positioned to go ahead in the current conditions. Now let me turn the call over to Mike Roffler, CEO.

今天，我們的模型比以往任何時候都強大。這再次推動了我們在最近一個季度的出色表現，我們已做好準備在當前條件下繼續前進。現在讓我把電話轉給 CEO Mike Roffler。

Thank you, Jim. It was another terrific quarter of continued strong growth and financial performance. This quarter's results once again demonstrate the strength of our business model and culture, and the consistency of our execution.

謝謝你，吉姆。這是持續強勁增長和財務業績的又一個了不起的季度。本季度的業績再次證明了我們商業模式和文化的實力，以及我們執行的一致性。

Let me now share a few highlights for the quarter. Year-over-year, total loans outstanding were up 23%. Total deposits have also grown 23%. Wealth Management assets were up 2.5% despite the S&P 500 being down 12% over the same period. Bob will touch a bit more on this momentarily.

現在讓我分享本季度的一些亮點。與去年同期相比，未償還貸款總額增長了 23%。存款總額也增長了 23%。儘管同期標準普爾 500 指數下跌 12%，但財富管理資產仍上漲 2.5%。 Bob 將稍後再談一點。

Our growth, in turn, led to strong financial performance. Year-over-year, total revenues have grown 23%. Net interest income has grown 24%. Earnings per share is up 11%. And importantly, tangible book value per share has increased more than 13%.

反過來，我們的增長帶來了強勁的財務業績。與去年同期相比，總收入增長了 23%。淨利息收入增長了 24%。每股收益增長 11%。重要的是，每股有形賬面價值增長了 13% 以上。

Our focus on safety and stability supports consistent service, growth and results over time. Maintaining strong capital, credit and liquidity is a fundamental part of our business model.

隨著時間的推移，我們對安全性和穩定性的關注支持始終如一的服務、增長和結果。保持強勁的資本、信用和流動性是我們商業模式的基本組成部分。

Our credit remains very strong. Non-performing assets were only 7 basis points at quarter-end, and net charge-offs were only $1.3 million during the quarter. We remain very well capitalized with a Tier 1 Leverage Ratio of 8.59% at quarter-end.

我們的信用仍然很強。季度末不良資產僅為 7 個基點，本季度淨沖銷僅為 130 萬美元。我們仍然資本充足，季度末一級槓桿率為 8.59%。

Effective asset and liability matching is another important part of our model. We have always focused on delivering a stable net interest margin, through all environments, as we do more business with clients and grow our earning assets. This drives strong growth in net interest income and total revenues.

有效的資產和負債匹配是我們模型的另一個重要部分。隨著我們與客戶開展更多業務並增加我們的盈利資產，我們一直專注於在所有環境中提供穩定的淨息差。這推動了淨利息收入和總收入的強勁增長。

We continue to make strategic investments in people, technology and new offices to further strengthen client service and drive future growth. We have invested in people, by growing our colleague base by 14%, year-over-year. This supports our growth and differentiated level of client service. Looking ahead, we see great opportunities to acquire new talent in client-facing and support roles. The investments in technology also support our differentiated client experience and are critical to our strategy.

我們繼續對人員、技術和新辦公室進行戰略投資，以進一步加強客戶服務並推動未來增長。我們對員工進行了投資，使我們的同事數量同比增長 14%。這支持我們的增長和差異化的客戶服務水平。展望未來，我們看到了在面向客戶和支持角色中獲得新人才的絕佳機會。技術投資還支持我們差異化的客戶體驗，對我們的戰略至關重要。

Earlier this year, we successfully completed our core conversion, and we now remain focused on optimizing its potential. And, we also continue to invest in our office footprint which strengthens our brand and provides an important service point for clients. During the quarter we opened our first banking office in the Seattle area, where we had hired a couple of wealth management teams in the past 2 years. We are very pleased to now offer full-service banking and wealth management in this very attractive market.

今年早些時候，我們成功完成了核心轉換，現在我們仍然專注於優化其潛力。而且，我們還繼續投資於我們的辦公室足跡，以加強我們的品牌並為客戶提供重要的服務點。在本季度，我們在西雅圖地區開設了第一家銀行辦事處，過去 2 年我們在該地區聘請了幾個財富管理團隊。我們很高興現在能夠在這個極具吸引力的市場中提供全方位服務的銀行和財富管理服務。

We remain focused on deepening our presence in urban, coastal and highly interconnected markets, like Seattle. Over the next year, we expect to open approximately four new offices across our markets. Our success and consistent performance are the result of staying true to our client service model and remaining disciplined in our execution. Overall, it was a great quarter and first half of the year. Now I'll turn the call over to Mike Selfridge, Chief Banking Officer.

我們仍然專注於深化我們在城市、沿海和高度互聯市場（如西雅圖）的業務。明年，我們預計將在我們的市場開設大約四個新辦事處。我們的成功和始終如一的表現是忠於我們的客戶服務模式並在執行過程中保持自律的結果。總的來說，這是一個很棒的季度和上半年。現在我將把電話轉給首席銀行官 Mike Selfridge。

Thank you, Mike. Let me provide an update on lending and funding across our business. Loan origination volume for the second quarter was exceptionally strong at $22 billion dollars. Single-family residential volume was very robust, at $10.6 billion dollars. Purchase activity accounted for 52% of single-family residential volume. Financing a home purchase provides a great opportunity for First Republic to demonstrate our differentiated service, as the ability to execute on a home purchase transaction is even more important to the client.

謝謝你，邁克。讓我提供有關我們整個業務的貸款和融資的最新信息。第二季度的貸款發放量異常強勁，達到 220 億美元。單戶住宅量非常強勁，達到 106 億美元。購買活動佔單戶住宅量的 52%。購房融資為 First Republic 提供了展示我們差異化服務的絕佳機會，因為執行購房交易的能力對客戶而言更為重要。

Multifamily volume for the quarter was very strong at $2.3 billion dollars. The very robust lending activity during the quarter reflects the strong spring buying season. The continued strength of our markets and our clients is further reflected in our strong loan pipeline heading into the third quarter. Given our year-to-date growth, we currently expect to achieve high-teens loan growth for the full year.

本季度的多戶家庭交易量非常強勁，達到 23 億美元。本季度非常強勁的貸款活動反映了強勁的春季購買季節。我們的市場和客戶的持續強勁進一步反映在我們進入第三季度的強勁貸款渠道中。鑑於我們年初至今的增長，我們目前預計全年將實現十幾歲的貸款增長。

Turning to credit, we continue to maintain our conservative underwriting standards. The average Loan-to-Value ratio for all real estate loans originated during the quarter was just 58%. Business banking also had a strong quarter. Business loans and line commitments, excluding PPP loans, were up 18% year-over-year. During the quarter, the utilization rate on capital call lines of credit decreased slightly to 38.5%.

談到信貸，我們繼續維持我們保守的承保標準。本季度發放的所有房地產貸款的平均貸款價值比僅為 58%。商業銀行業務也有一個強勁的季度。不包括 PPP 貸款的商業貸款和額度承諾同比增長 18%。本季度，資本調用信貸額度使用率小幅下降至 38.5%。

Now turning to funding, we continue to be in a strong position. We are very pleased that deposits were up 23% year-over-year and 6% year-to-date. Our total funding base remained over 90% deposits, which drove an overall funding cost of just 16 basis points. This was up only 5 basis points from the last quarter. Our deposit-base remains well-diversified. Checking represented 72% of total deposits at quarter-end, up modestly from last quarter. And business deposits represented 64% of total deposits at quarter end.

現在轉向資金，我們繼續處於強勢地位。我們很高興存款同比增長 23%，年初至今增長 6%。我們的總資金基礎仍然超過 90% 的存款，這使總資金成本僅為 16 個基點。這比上一季度僅上升了 5 個基點。我們的存款基礎仍然很多元化。支票在季度末佔總存款的 72%，較上季度略有上升。商業存款佔季度末總存款的 64%。

As Mike mentioned, we are very pleased to have expanded our banking and wealth management operations in the Seattle area with the opening of our first preferred banking office in the region. Our preferred banking offices are an important element of our service delivery model and have proven to be a great channel for gathering deposits. Our offices are very productive with deposits of nearly $700 million dollars per office, on average, at quarter-end. Our service model is performing quite well and continues to drive our safe, stable, organic growth. And now I'd like to turn the call over to Bob Thornton, President of Private Wealth Management.

正如邁克所提到的，我們很高興在西雅圖地區開設了我們在該地區的首個首選銀行辦事處，從而擴大了我們在西雅圖地區的銀行和財富管理業務。我們首選的銀行辦事處是我們服務交付模式的重要組成部分，並且已被證明是收集存款的絕佳渠道。我們的辦公室工作效率很高，每間辦公室的存款平均在季度末接近 7 億美元。我們的服務模式表現良好，並繼續推動我們安全、穩定、有機的增長。現在我想把電話轉給私人財富管理總裁 Bob Thornton。

Thank you, Mike. Wealth Management continues to perform very well despite market volatility. In fact, as Jim mentioned, our high-touch holistic approach to banking and wealth management is even more highly valued by clients during such times. Year-to-date, Assets Under Management have declined 12% to $247 billion dollars. This compares favorably to the S&P 500, which was down more than 20% over the same period.

謝謝你，邁克。儘管市場波動，財富管理繼續表現良好。事實上，正如吉姆所提到的，我們在銀行和財富管理方面的高接觸整體方法在此期間受到客戶的高度評價。年初至今，管理資產已下降 12% 至 2470 億美元。這與同期下跌超過 20% 的標準普爾 500 指數相比是有利的。

Despite the broader market volatility, we continue to see strong net client inflows. During the first half of this year, our investment management business had a net client inflow of over $7 billion dollars, consistent with the first half of last year. In addition to investment management, we remain focused on serving our clients with financial planning, brokerage, trust, insurance, and foreign exchange services.

儘管更廣泛的市場波動，我們繼續看到強勁的淨客戶流入。今年上半年，我們的投資管理業務客戶淨流入超過70億美元，與去年上半年持平。除投資管理外，我們仍專注於為客戶提供財務規劃、經紀、信託、保險和外匯服務。

Fees from these services help diversify our sources of fee revenue and can provide growth in times of market volatility that can offset the market decline impact on asset-based investment management fees. This diversification helped drive very strong growth in total wealth management fee revenue through the first half of this year. Year-to-date, wealth management fee revenue is up 32% from the prior year. Our integrated banking and wealth management model makes First Republic an attractive destination for successful wealth professionals. And, since our last call, we welcomed another new wealth manager team to First Republic.

這些服務的費用有助於使我們的費用收入來源多樣化，並且可以在市場波動時期提供增長，從而抵消市場下跌對基於資產的投資管理費用的影響。這種多元化推動了今年上半年財富管理費總收入的強勁增長。年初至今，財富管理費收入同比增長 32%。我們的綜合銀行和財富管理模式使 First Republic 成為成功的財富專業人士的有吸引力的目的地。而且，自上次電話會議以來，我們歡迎另一個新的財富管理團隊加入第一共和國。

Overall, our wealth management business continues to perform very well. Times like these are a great opportunity to demonstrate our exceptional service, deepen existing relationships, and acquire new households. Now I'd like to turn the call over to Olga Tsokova, Acting Chief Financial Officer.

總體而言，我們的財富管理業務繼續表現良好。像這樣的時代是展示我們卓越服務、加深現有關係和獲得新家庭的絕佳機會。現在我想把電話轉給代理首席財務官 Olga Tsokova。

Thank you, Bob. With a consistent focus on credit, capital and liquidity, we continue to operate in a safe and sound manner. Our credit quality remains excellent. Year-to-date, net charge-offs were only $1 million dollars. Our provision for credit losses over the same period was $41 million dollars. This provision reflects our continued strong loan growth and excellent credit performance.

謝謝你，鮑勃。我們始終關注信貸、資本和流動性，繼續以安全穩健的方式運營。我們的信用質量仍然很好。年初至今，淨沖銷僅為 100 萬美元。同期我們的信用損失準備金為 4100 萬美元。這一撥備反映了我們持續強勁的貸款增長和出色的信貸表現。

Our capital position remains very strong. At quarter-end, our Tier 1 Leverage Ratio was 8.59%. Liquidity also remains very strong. High Quality Liquid Assets were 14.7% of average total assets in the second quarter. In addition to safety and stability, the power of our growth during the quarter was reflected in Net Interest Income. Net Interest Income for the second quarter was up a very strong 24% year-over-year. This is due to the robust growth in earning assets as well as a higher Net Interest Margin.

我們的資本狀況仍然非常強勁。在季度末，我們的一級槓桿比率為 8.59%。流動性也仍然非常強勁。優質流動資產佔第二季度平均總資產的 14.7%。除了安全和穩定之外，我們在本季度的增長動力還體現在淨利息收入中。第二季度的淨利息收入同比增長了 24%，非常強勁。這是由於盈利資產的強勁增長以及更高的淨息差。

Our Net Interest Margin was 2.80% for the second quarter. This quarter's NIM benefited from a reduced cash level, rising asset yields and only a modest increase in our funding costs. We currently expect to be in the top half of our Net Interest Margin range of 2.65% to 2.75%, for the full year 2022. This assumes a Fed Funds rate of 3.75% at year-end, which is in-line with the market view.

我們第二季度的淨息差為 2.80%。本季度的 NIM 受益於現金水平下降、資產收益率上升以及我們的融資成本僅適度增加。我們目前預計 2022 年全年的淨息差範圍為 2.65% 至 2.75% 的上半部分。假設年底聯邦基金利率為 3.75%，與市場一致看法。

Our Efficiency Ratio was 60.5% for the second quarter. This quarter's efficiency benefited from strong revenue growth, which more than offset continued investment in the business. We currently expect to be near the lower end of our Efficiency Ratio range of 62% to 64%, for the full year 2022. Our effective tax rate was 23% for the second quarter. We now expect the effective tax rate to be in the range of 22% to 24%, for the full year 2022.

第二季度我們的效率為 60.5%。本季度的效率得益於強勁的收入增長，這大大抵消了對該業務的持續投資。我們目前預計 2022 年全年的效率比率範圍將接近 62% 至 64% 的下限。我們第二季度的有效稅率為 23%。我們現在預計 2022 年全年的有效稅率將在 22% 至 24% 之間。

Overall, it has been a great first half of the year, reflecting the stability and consistency of our model. Now I'll turn the call back over to Mike Roffler.

總體而言，上半年表現不錯，反映了我們模型的穩定性和一致性。現在我將把電話轉回給 Mike Roffler。

Thank you, Jim, Mike, Bob and Olga. For over 37 years, First Republic's business model has been grounded in conservative credit, strong capital and liquidity, colleague empowerment, and most importantly, a focus on providing extraordinary client service. This foundation remains unchanged. Our model is as strong as ever and all of our colleagues remain focused on executing, each and every day. Now we'd be happy to take your questions.

謝謝你，吉姆、邁克、鮑勃和奧爾加。 37 多年來，First Republic 的商業模式一直立足於保守的信用、強大的資本和流動性、賦予同事權力，最重要的是，專注於提供卓越的客戶服務。這個基礎保持不變。我們的模型一如既往地強大，我們所有的同事每天都專注於執行。現在我們很樂意回答您的問題。

(Operator Instructions) We'll take our first question from Steven Alexopoulos with JPMorgan.

（操作員說明）我們將回答摩根大通的 Steven Alexopoulos 提出的第一個問題。

I wanted to start on the loan side. So, there's been this persistent concern in the market that loan growth would slow for you guys given you have rising rates, right, negative impact on the mortgage market, then the lack of housing supply comes up more and more. With that said, you're reporting over $10 billion of single-family originations, a period that loan growth is really strong for single-family. Can you walk through how you're able to deliver such strong single-family growth in the quarter despite both those headwinds? And I'd like for you to drill down specifically to the housing supply issue.

我想從貸款方面開始。因此，市場一直擔心貸款增長會放緩，因為利率上升，對抵押貸款市場產生負面影響，然後越來越多的住房供應不足。話雖如此，您報告的單戶家庭貸款總額超過 100 億美元，這段時期的單戶家庭貸款增長非常強勁。儘管存在這些不利因素，您能否介紹一下如何在本季度實現如此強勁的單戶住宅增長？我想讓你專門深入研究住房供應問題。

Steve, it's Mike Selfridge. I'll kick it off and hand it over to the others. Well, a couple of thoughts here. First of all, I think we're reverting back to a little bit more of a seasonal pattern that we saw in years past, which is a strong spring buying season, followed by a slower summer. And that's okay. The characteristics of the market, I'd say the growth rate of housing prices is slowing, in some markets going down a bit, and that's actually healthy. Supply is still constrained. It's come up a little bit, maybe a half month supply in all of our markets on a cumulative basis, but it's still tight, and there's still a fairly active purchase market. Quite simply, Steve, I think relationship and service are at a premium in markets like this, and we are taking share.

史蒂夫，我是邁克塞爾弗里奇。我會踢掉它並把它交給其他人。好吧，這裡有幾個想法。首先，我認為我們正在恢復到我們在過去幾年看到的更多的季節性模式，這是一個強勁的春季購買季節，隨後是一個較慢的夏季。沒關係。市場的特點，我說房價增速在放緩，有的市場有一點下降，其實是健康的。供應仍然有限。在我們所有市場累積的基礎上，它已經出現了一點，可能是半個月的供應，但仍然很緊張，並且仍然有一個相當活躍的採購市場。很簡單，史蒂夫，我認為關係和服務在這樣的市場中非常重要，我們正在分享。

Okay. That's helpful. Now if we assume loan growth remains strong for the rest of the year, the other concerns for the market is, one, how you're going to fund the growth and the impact on NIM from that? And two, whether you'll need to eventually issue more common to support the growth? So maybe on deposits first, assuming the loan growth remains, now you're saying high teens or higher, can you walk us through which deposit types do you expect to fund that growth and how should we think about the incremental cost of those deposits?

好的。這很有幫助。現在，如果我們假設貸款增長在今年餘下時間保持強勁，那麼市場的另一個擔憂是，一個，你將如何為增長提供資金以及由此對 NIM 的影響？第二，你最終是否需要發行更多的普通債券來支持增長？所以也許首先是存款，假設貸款增長仍然存在，現在你說的是十幾歲或更高，你能告訴我們你希望哪種存款類型為這種增長提供資金，我們應該如何考慮這些存款的增量成本？

Yes, Steve. So along the spring buying season that Mike just talked about, deposits are starting to sort of see that same seasonality we've seen in the past, where the first half of the year is a little bit lighter because of the April 15 and June 15 tax dates that obviously, in the pandemic years of '20 and '21 were moved around. So, we're very pleased that in the first half of the year, we've continued to grow our deposit and funding base to support the terrific lending activity.

是的，史蒂夫。因此，隨著邁克剛剛談到的春季購買季節，存款開始出現與我們過去看到的相同的季節性，由於 4 月 15 日和 6 月 15 日，上半年稍微輕一些顯然，在 20 年和 21 年的大流行年中，納稅日期被轉移了。因此，我們很高興在今年上半年，我們繼續擴大存款和資金基礎，以支持出色的貸款活動。

I think you'll continue to see broad-based - CDs have been declining in the last 2 years, given 0 rates. We'll probably see those start to tick up a little bit because it's a great way to utilize our 80-plus office network to reach out to clients and deepen relationships where not only you do a CD, but you also bring in checking dollars. And so, that's a tried-and-true strategy that we've had and we're already starting to do a little bit of it.

我認為您將繼續看到基礎廣泛的 - 鑑於利率為 0，CD 在過去 2 年中一直在下降。我們可能會看到這些開始增加一點，因為這是利用我們 80 多個辦公室網絡與客戶聯繫並加深關係的好方法，您不僅可以製作 CD，還可以帶來支票。因此，這是我們已經擁有的久經考驗的策略，我們已經開始做一些事情了。

The other thing I'd say is we also declined our FHLB borrowings quite a bit in the last 2 years. There's plenty of room and capacity there to utilize those. The other thing is we start from a position of great strength because deposits are over 90% of our funding and have been steadily climbing. And so we feel we're in a good place because of all the things we've done in the past few years.

我要說的另一件事是，在過去的兩年裡，我們也相當多地拒絕了 FHLB 的借款。那裡有足夠的空間和能力來利用這些。另一件事是我們從一個強大的位置開始，因為存款占我們資金的 90% 以上，並且一直在穩步攀升。因此，由於我們在過去幾年中所做的所有事情，我們覺得我們處於一個很好的位置。

Okay. That's helpful. And then maybe, Mike, on the capital side. I know the company has 2 years or so of excess capital. When capital was last raised, I think it was August 2021. Does that mean we have about 1 year left of additional capital? And are there levers that you might be able to pull? Who knows what the environment will be like a year from now, but are there levers to pull so that maybe you don't need to issue common if it's a pretty tough backdrop for the economy and bank stocks overall?

好的。這很有幫助。然後也許，邁克，在首都方面。我知道公司有兩年左右的過剩資本。上次籌集資金時，我認為是 2021 年 8 月。這是否意味著我們還有大約 1 年的額外資金？有沒有你可以拉動的槓桿？誰知道一年後的環境會是什麼樣子，但是否有槓桿可以拉動，如果整體經濟和銀行股的背景相當艱難，也許你不需要發行普通股？

Yes. I think the 2-year capital perspective has served us very well. And I think your data on the August is right on common, but we also did some preferred later in the year in November. And so that's sort of your launch point, I would say, for the 2 years, which means we're at 7 or 8 months from the last, which means we're in really good shape right now.

是的。我認為 2 年的資本視角對我們很有幫助。而且我認為您在 8 月的數據是正確的，但我們在 11 月的晚些時候也做了一些更喜歡的數據。所以這就是你的啟動點，我會說，對於 2 年，這意味著我們距離上一年有 7 或 8 個月，這意味著我們現在的狀態非常好。

Similar to the past, we've always been opportunistic and mindful of the markets and the right time when it presents itself. You've seen us probably go early in the past because you don't know when a more uncertain market is going to occur like we've had here the last 4 to 6 months. And so we feel really good where we're at now, but we always remain opportunistic and a bit agnostic to the common or preferred market.

與過去類似，我們一直投機取巧，關注市場及其出現的正確時機。您可能已經看到我們在過去很早就走了，因為您不知道像過去 4 到 6 個月一樣，市場何時會出現更加不確定的市場。所以我們現在感覺很好，但我們總是保持機會主義，對共同或首選市場有點不可知論。

And we'll take our next question from Dave Rochester with Compass Point.

我們將帶著 Compass Point 向 Dave Rochester 提出我們的下一個問題。

Nice quarter. Just starting on loans, you mentioned the strong loan pipeline heading into 3Q. I was just wondering how that pipeline compares to what you saw going into this quarter, which is obviously a very strong quarter. Can you talk about the dynamics you're seeing in the capital call business as well just in terms of activity levels and your customer center there? And, maybe try to frame the opportunity set of what that looks like for growing that going forward.

漂亮的季度。剛開始貸款時，您提到了進入第三季度的強勁貸款渠道。我只是想知道該管道與您在本季度看到的相比如何，這顯然是一個非常強勁的季度。您能否談談您在資本呼叫業務中看到的動態以及活動水平和您那裡的客戶中心？並且，也許嘗試為未來的發展制定機會集。

Yes, Dave, thanks, Mike Selfridge. First, your question on the pipeline. The pipeline is strong going into this quarter. It is up significantly year-over-year. It's down slightly from the last quarter. And again, a bit of that is the seasonality that we're starting to see, particularly in the single-family business, but still plenty of market share opportunities, as I mentioned earlier.

是的，戴夫，謝謝，邁克塞爾弗里奇。首先，您對管道的問題。進入本季度的管道很強勁。同比增長顯著。與上一季度相比略有下降。再說一次，其中一部分是我們開始看到的季節性，特別是在單一家族企業中，但正如我之前提到的，仍然有很多市場份額機會。

Cap call utilization rates, you saw those tick down slightly to about 38.5% from 40%. And just in terms of characteristics, I'd say the industry overall is slowing. What I mean by that is it's harder to raise funds, the velocity or pace of investing is slowing, and people are being much more methodical and selective about their investment opportunities. If that slows, that drives down the utilization rate, which historically we've said is tending to sort of gravitate toward a mid-30s to high-30s. So I think we're right within that range. Growth opportunities are still strong for us in terms of acquiring new funds and opportunities.

上限調用利用率，你看到那些從 40% 小幅下降到 38.5% 左右。就特徵而言，我想說整個行業正在放緩。我的意思是籌集資金變得更加困難，投資的速度或步伐正在放緩，人們對他們的投資機會更加有條不紊和選擇性。如果這種情況放緩，就會降低利用率，從歷史上看，我們所說的這種情況傾向於傾向於 30 多歲到 30 多歲的高水平。所以我認為我們就在這個範圍內。在獲得新資金和機會方面，我們的增長機會仍然很大。

Perfect. And then can you just talk about where new loan yields are across your major products, especially resi and multifamily and then some of the rest as well? Then, for the securities that you're buying today, if you can just talk about on the muni side and outside of that, where are you seeing new securities yields?

完美的。然後你能談談你的主要產品的新貸款收益率在哪裡，特別是 resi 和 multifamily 以及其他一些產品？那麼，對於你今天要購買的證券，如果你可以只談論市政方面和之外，你在哪裡看到新的證券收益率？

Sure. Mike Selfridge. I'll start with the loan yields. For the last 6 weeks, we've been originating single family in about the 3.7% range, multifamily about 4.15%, CRE about 4.2%. And then business banking, capital call lending tends to be the largest segment there, and I'd say that's coming in at prime minus 75 to 100 basis points, so call it 3.75% to 4%. Prime being 4.75%. We haven't had the full benefit of the last Fed increases in June.

當然。邁克塞爾弗里奇。我將從貸款收益率開始。在過去的 6 周里，我們一直在大約 3.7% 的範圍內起源於單戶家庭，大約 4.15% 的多戶家庭，大約 4.2% 的 CRE。然後是商業銀行業務，資本催繳貸款往往是那裡最大的部分，我會說這是在負 75 到 100 個基點的基礎上進入的，所以稱之為 3.75% 到 4%。素數為 4.75%。我們還沒有從美聯儲 6 月份的最後一次加息中充分受益。

Perfect. And then on the securities side?

完美的。然後在證券方面？

Dave, this is Olga. And in securities, if we look at the muni purchases during the quarter, the TEY was 5.25%. This compares to the first quarter, where the TEY was about 4%. And just subsequent to the quarter end, the TEYs for the munis is about 4.75% to 5%. And in the non-muni HQLA the purchases during the second quarter were at around 3.4%, and this compares to about 2.5% in the first quarter. And subsequent to quarter end, the TEYs are about 4% and 4.25%.

戴夫，這是奧爾加。在證券方面，如果我們查看本季度的市政購買，TEY 為 5.25%。相比之下，第一季度的 TEY 約為 4%。就在季度末之後，市政當局的 TEY 約為 4.75% 至 5%。在非市政 HQLA 中，第二季度的購買量約為 3.4%，而第一季度約為 2.5%。在季度末之後，TEY 分別為 4% 和 4.25%。

Great. So it sounds like you've seen some nice move up in new loan yields and the securities purchase rates, reinvestment rates. I was just curious on your margin guide, if you average the first 2 quarters together, you kind of end up at the higher end of that range. I was just curious if you're expecting NIM to sort of stabilize here? And what are the chances that you could actually still continue to see some expansion as we play out the Fed rate hikes you're expecting in your guidance?

偉大的。所以聽起來你已經看到新貸款收益率和證券購買率、再投資率出現了一些不錯的上升。我只是對您的保證金指南感到好奇，如果您將前兩個季度平均在一起，那麼您最終會處於該範圍的較高端。我只是好奇你是否期望 NIM 在這裡穩定下來？當我們在您的指導中預期美聯儲加息時，您實際上仍然可以繼續看到一些擴張的可能性有多大？

Sure. So Dave, we believe we will -- we expect it to be at the top half of our range of 2.65% to 2.75%.

當然。所以戴夫，我們相信我們會 - 我們預計它將處於我們 2.65% 至 2.75% 範圍的上半部分。

Yes. So I mean, I guess -- go ahead.

是的。所以我的意思是，我猜 - 繼續。

Dave, let me just maybe comment and maybe just take a step back. We've always focused on stability and consistency across the board. If you think about client service, how we invest in the business and the franchise, which leads to our efficiency, and how we compete in the marketplace for clients and for business, what those results in is stability over time. We're really excited about and pleased with the first half of the year results on sort of where we -- frankly, if I go back probably 3 years ago, we've said we would be in these ranges, and we've continued to deliver quarter after quarter, further demonstrating that consistency and stability.

戴夫，讓我也許評論一下，也許後退一步。我們一直專注於全面的穩定性和一致性。如果您考慮客戶服務，我們如何投資於業務和特許經營，這會導致我們的效率，以及我們如何在市場上為客戶和業務競爭，這些結果是隨著時間的推移保持穩定。我們對上半年的業績感到非常興奮和滿意——坦率地說，如果我可能回到 3 年前，我們已經說過我們會在這些範圍內，我們繼續一個季度一個季度地交付，進一步證明了一致性和穩定性。

And I think now we're sort of towards the high end on margin and low end on efficiency, and we feel really good about that because it allows us to continue serving clients, continue investing in the franchise for future growth, and delivering stable predictable results that are very safe over time.

而且我認為現在我們在利潤率和效率上有點接近高端，我們對此感覺非常好，因為它使我們能夠繼續為客戶服務，繼續投資特許經營以實現未來增長，並提供穩定的可預測性隨著時間的推移，結果非常安全。

Yes. I appreciate that. Maybe just one last one. In terms of how you're thinking about deposit betas, I know you talked about the 19% you had in the last cycle. You thought maybe you'd be a little bit above that. Has that thought process changed at all, just given what we've seen with inflation numbers and rate hike expectations, that kind of thing? Are you still generally in that range at just above 19%?

是的。我很感激。也許只是最後一個。至於您如何看待存款測試版，我知道您談到了您在上一個週期中擁有的 19%。你想也許你會比這高一點。考慮到我們所看到的通脹數據和加息預期，這種思維過程是否發生了變化？您是否仍然普遍處於略高於 19% 的範圍內？

Yes. I would say we're generally in this range. However, every cycle is different, and we expect that this cycle will be slightly higher than 19% in the previous rate right cycle. So we expect to be slightly above the 19%.

是的。我會說我們通常在這個範圍內。但是，每個週期都不一樣，我們預計這個週期會略高於上一個利率週期的 19%。因此，我們預計將略高於 19%。

And we'll take our next question from John Pancari with Evercore.

我們將回答 John Pancari 和 Evercore 的下一個問題。

Also on the loan growth side, I wanted to see if -- I know -- I appreciate the high teens color that you expect for 2022. Could you maybe give us a little bit of thought process around how you're thinking about 2023? Is that mid-teens expectation that you've been approximating? Do you think that's attainable here? Or what type of slowing could we see as capital calls continue to cool and likely see potential slowing in mortgage?

同樣在貸款增長方面，我想看看是否——我知道——我很欣賞你對 2022 年的期待。你能否給我們一些關於你如何看待 2023 年的思考過程？這是你一直在接近的十幾歲的期望嗎？你認為這裡可以實現嗎？或者，隨著資本調用繼續降溫並可能看到抵押貸款的潛在放緩，我們會看到哪種類型的放緩？

Yes. John, I think it's a great question. And I think year after year, the consistency and continued excellent service delivery and serving clients is what has led to that mid-teens outlook that we have. And we continue to believe that's prudent as we go into look forward even past today into 2023. If you remember in our presentation materials, more than half of our new business comes from existing clients. And those existing clients, we're continuing to grow households, as we mentioned earlier, and so they continue to do more with us. If our client satisfaction remains as high as it's been, and you saw from the Net Promoter Score earlier this year, remains excellent, well more than 2x the industry, that not only leads to repeat business, but also leads to referrals. And so that service model is what drives and gives us confidence that in varying economic environments, we can continue to grow at a mid-teens pace. And this year, I think is demonstrating that even with macro uncertainty, as Mike Selfridge noted, we've been able to pick up share and continue to grow and serve clients extremely well.

是的。約翰，我認為這是一個很好的問題。而且我認為，年復一年，始終如一的服務交付和服務客戶是導致我們擁有十幾歲的前景的原因。我們仍然認為這是謹慎的，因為我們展望從今天到 2023 年。如果您還記得我們的演示材料，我們一半以上的新業務來自現有客戶。正如我們之前提到的，那些現有的客戶，我們正在繼續擴大家庭，所以他們繼續與我們一起做更多的事情。如果我們的客戶滿意度保持與以往一樣高，並且您從今年早些時候的淨推薦值中看到，仍然非常出色，遠遠超過行業的 2 倍，這不僅會帶來重複業務，還會帶來推薦。因此，這種服務模式推動並讓我們相信，在不同的經濟環境中，我們可以繼續以十幾歲的速度增長。今年，我認為即使存在宏觀不確定性，正如邁克塞爾弗里奇所指出的那樣，我們已經能夠獲得份額並繼續增長並為客戶提供非常好的服務。

Got it. All right. That's helpful. And then separately, on the wealth management side, I know assets down 10% linked quarter. I mean, how should we think about wealth management revenue in the back half of this year in terms of the growth, just given the dynamics that we're seeing in the market as well as asset flows? How should we think about the growth there when you look at the third and fourth quarter?

知道了。好的。這很有幫助。然後，在財富管理方面，我知道資產在相關季度下降了 10%。我的意思是，考慮到我們在市場上看到的動態以及資產流動，我們應該如何看待今年下半年的財富管理收入增長？當您查看第三和第四季度時，我們應該如何看待那裡的增長？

Yes. This is Bob. Look, I think our -- we continue to see very strong inflow from clients. I think we'll see some additional team hires. Obviously, markable impact on the business. As you know, we built at the beginning of each quarter for our investment management fees. So for the third quarter, our investment management fees will probably run about $148 million to $150 million. But, as I stated in my comments, we continue to see strong growth in households, strong growth in assets. Again, I want to highlight the other noninvestment management revenues we have, which were up 40% in the first half of this year versus last year. So we have a lot of things that can offset the headwinds of the down market, but the market is something we're just having to count as we move through the rest of the year.

是的。這是鮑勃。看，我認為我們 - 我們繼續看到來自客戶的非常強勁的流入。我想我們會看到一些額外的團隊招聘。顯然，對業務產生了顯著影響。如您所知，我們在每個季度初建立投資管理費。因此，對於第三季度，我們的投資管理費可能會在 1.48 億美元到 1.5 億美元之間。但是，正如我在評論中所說，我們繼續看到家庭強勁增長，資產強勁增長。我想再次強調一下我們擁有的其他非投資管理收入，今年上半年與去年相比增長了 40%。因此，我們有很多東西可以抵消下行市場的不利因素，但在今年餘下的時間裡，我們只需要計算市場。

We'll take our next question from Casey Haire with Jefferies.

我們將向杰富瑞諮詢凱西海爾的下一個問題。

I had a question on the efficiency ratio. The guide coming in at the low end of 62, 64. It's running year-to-date, it's at 61,and we're used to seeing that improve in the back half of the year. Obviously, the NIM guide implies a little bit of pressure going forward. But just wondering what is driving the efficiency ratio so low year-to-date, and what is the pressure in the back half of the year?

我對效率比有疑問。該指南以 62、64 的低端出現。今年至今，它的運行速度為 61，我們習慣於在下半年看到這種改善。顯然，NIM 指南暗示了一些前進的壓力。但只是想知道是什麼導致效率比年初至今如此低，而下半年的壓力又是什麼？

Thanks, Casey. I guess I'd say that revenue growth, as you see, has been extremely strong across the business, if you look at both net interest income and fee income. And so because of just the nature, the ratio is a bit lower because revenue growth, frankly, is just outpacing the investments we're making. We are still investing, as I mentioned, in people, technology, and offices to serve clients. It just outpaced it a bit this quarter. The deposit beta, as Olga mentioned before, has been low. If that picks up a little bit, that does imply margin at the top half of our range, as we mentioned. And given the ratio nature, that probably leads to a slight increase. Could we be slightly below? Yes, maybe but we're continuing to invest in the franchise to support growth in the Bank and continued growth in clients and client activity.

謝謝，凱西。如您所見，如果您同時查看淨利息收入和費用收入，我想我會說整個業務的收入增長非常強勁。因此，由於性質原因，該比率略低，因為坦率地說，收入增長剛剛超過我們正在進行的投資。正如我所提到的，我們仍在對人員、技術和辦公室進行投資以服務客戶。本季度它剛剛超過了它一點。正如奧爾加之前提到的，存款貝塔一直很低。正如我們所提到的，如果這有所回升，那確實意味著我們範圍的上半部分的保證金。鑑於比率的性質，這可能會導致略有增加。我們可以稍微低於嗎？是的，也許可以，但我們將繼續投資特許經營權，以支持銀行的增長以及客戶和客戶活動的持續增長。

And I would add that some of the COVID benefits that we experienced over the last couple of years will start picking up those expenses. We've seen them increasing during the first couple of quarters, but they're not at the pre-COVID levels yet. So we can see those ramping up going forward.

我還要補充一點，我們在過去幾年中經歷的一些 COVID 好處將開始承擔這些費用。我們已經看到它們在前幾個季度有所增加，但尚未達到 COVID 之前的水平。所以我們可以看到那些正在向前發展的人。

Got you. Okay. And just following up on the funding side, apologies if I missed this. But the deposit costs, what was the spot rate at 6/30 for them? And then just on the borrowings capacity, I know you guys are -- have a ton of room as you referenced, Mike. But I was just wondering what is sort of a peak level in terms of use of borrowings that would put pressure on your ability to generate the stable NIM that we're used to from First Republic?

得到你。好的。只是在資金方面跟進，如果我錯過了這一點，我深表歉意。但是存款成本，6/30 的即期匯率對他們來說是多少？然後就借款能力而言，我知道你們是——正如你所提到的，有大量的空間，邁克。但我只是想知道，在藉款使用方面，什麼樣的峰值水平會對你產生我們習慣於從第一共和國產生的穩定 NIM 的能力施加壓力？

Start with the spot rate on deposits as of June 30 was 21 basis points.

從 6 月 30 日開始的存款即期利率為 21 個基點。

On the second comment, Casey, I think from a percentage of FHLB as one of our sources of non-deposit funding, we're well below where we've been in the past. And so there is an ability to use that source a bit more while being consistent with our margin guidance, as Olga mentioned. So there is an ability to use a bit more and still remain within sort of our overall NIM, and even towards the middle- to high-end of the range.

關於第二條評論，凱西，我認為從 FHLB 作為我們非存款資金來源之一的百分比來看，我們遠低於過去的水平。因此，正如 Olga 所提到的，在與我們的利潤率指導保持一致的同時，可以更多地使用該來源。因此，有能力使用更多，但仍保持在我們的整體 NIM 範圍內，甚至可以達到該範圍的中高端。

And we'll take our next question from Erika Najarian with UBS.

我們將回答瑞銀的 Erika Najarian 的下一個問題。

Just two questions. It's been well documented how resilient growth can be, particularly in single family, even in a recession. So I wanted to ask sort of especially since one of your peers just mentioned this morning that the results of the stress test is causing him to drive on-balance sheet mortgage growth lower. But if there's sort of 2 parts of the balance sheet in this chunky rate rising environment that I wanted to ask about.

就兩個問題。有充分的證據表明，即使在經濟衰退中，增長的彈性也很大，尤其是在單身家庭中。所以我想特別問一下，因為你的一位同行今天早上剛剛提到壓力測試的結果導致他降低了資產負債表上的抵押貸款增長。但是，如果我想問一下，在這個龐大的利率上升環境中，資產負債表有兩個部分。

The first is on capital call lines. Mike, I fully appreciate that you've responded in the past that such an environment was to get significantly more investment opportunities for funds. I'm wondering if there could be sort of a timing hiccup in terms of some of the potential mark-to-market and rising funding costs for funds, until it's a better investment environment.

第一個是資本調用線。邁克，我非常感謝您過去曾回應說，這樣的環境是為了獲得更多的資金投資機會。我想知道在一些潛在的按市值計價和不斷上升的基金融資成本方面是否會出現某種時間問題，直到它成為一個更好的投資環境。

And for Mike R, as we think about rapidly rising rates, I think you had 3.75% for the end of the year. Can deposit growth at First Republic continue to be positive, even if, let's say, we actually start seeing more negative deposit growth for the industry, particularly given that your deposit exposure is now more skewed away from the consumer?

對於邁克 R，當我們考慮快速上升的利率時，我認為你在年底時有 3.75%。第一共和國的存款增長能否繼續保持正增長，即使我們實際上開始看到該行業的存款負增長更多，特別是考慮到您的存款風險現在更偏向於消費者？

Erika, Mike Selfridge. I'll start. If I think I understand your question on cap call, it's really from an industry perspective and mark-to-market, how do they perform? And they do lag. If you think about the private markets, those valuations tend to lag depending on either a quarterly valuation or a next round of financing. So I would expect over the next few quarters that private valuations would come down overall.

埃里卡，邁克塞爾弗里奇。我會開始的。如果我認為我理解你關於上限調用的問題，那真的是從行業的角度和按市值計價的，它們的表現如何？他們確實滯後。如果您考慮私人市場，這些估值往往會滯後於季度估值或下一輪融資。因此，我預計在接下來的幾個季度中，私人估值將整體下降。

Having said that, this is an industry that has performed over many cycles, particularly quality funds. So there will still be a level of fundraising. I think the fund manager selectivity and quality will matter. It's going to be a little more difficult and take a little bit longer for certain funds. Others, it will take longer, but they'll still raise money.

話雖如此，這是一個經歷了許多周期的行業，尤其是優質基金。所以還是會有一定程度的籌款。我認為基金經理的選擇性和質量很重要。對於某些基金來說，這將變得更加困難並且需要更長的時間。其他人，需要更長的時間，但他們仍然會籌集資金。

And like many of our clients, they're opportunistic. So some of the best investment opportunities present themselves in a down market. Whether that's now or a few quarters from now or a year from now, I don't know, but I know they're very opportunistic in terms of opportunities.

和我們的許多客戶一樣，他們是機會主義者。因此，一些最好的投資機會出現在低迷的市場中。無論是現在還是幾個季度後還是一年後，我不知道，但我知道他們在機會方面非常投機取巧。

And then, Erika, on the deposit side, absolutely, we continue to grow deposits. We're really pleased to view the second quarter historically has been one of our most challenging periods and to grow over $3.5 billion dollars in spite of the large tax flows that happen in April and June, is a really great result and a testament to relationships with clients and the continued dedication to service of our people.

然後，Erika，在存款方面，我們絕對會繼續增加存款。我們非常高興地看到，從歷史上看，第二季度一直是我們最具挑戰性的時期之一，儘管 4 月和 6 月出現大量稅收流動，但仍增長超過 35 億美元，這是一個非常好的結果，也是關係的證明與客戶並持續致力於為我們的員工服務。

As we go forward, the mix of deposit funding when we go to higher rates as we note the 3.75 Fed, you'll see a bit more in CDs and clients will look for incremental yield. But we have no reason to believe, given the deep relationships that we have we're going to continue to grow deposits as we have in prior rate rise periods.

隨著我們繼續前進，當我們注意到美聯儲 3.75 時，當我們提高利率時存款資金的組合，你會看到更多的 CD 和客戶將尋求增量收益。但我們沒有理由相信，鑑於我們擁有的深厚關係，我們將繼續增加存款，就像我們在之前的加息期間所做的那樣。

Erika, it's Jim. As you know, from following us a long time, the fundamental element is the growth of household and relationships, and that includes business households. And our growth rate, as referred in some of the comments earlier, is at a historic high point. That ultimately drives deposits.

埃里卡，是吉姆。如您所知，長期關注我們，基本要素是家庭和關係的增長，其中包括商業家庭。正如前面一些評論中提到的，我們的增長率處於歷史最高點。這最終推動了存款。

Great. And Jim, so good to hear your voice. And just as a follow-up question, Olga, who knows what's going to happen to long rates? But as we think about just re-asking the question, if we think about the progression of the net interest margin from here, could we have hit a high point in the second quarter, as we think about clearly the outlook for Fed funds is quite robust? Should we think that the second quarter is a high point and for the rest of the year, and perhaps is it 2023 based on the forward curve? Do we sort of just continue to stay in that 2.65% 2.75% range on a quarterly NIM basis?

偉大的。還有吉姆，很高興聽到你的聲音。作為一個後續問題，奧爾加，誰知道長期利率會發生什麼？但是當我們考慮重新提出這個問題時，如果我們從這裡考慮淨息差的進展，我們是否會在第二季度達到一個高點，因為我們清楚地認為聯邦基金的前景相當強大的？我們是否應該認為第二季度是今年剩餘時間的高點，也許是基於遠期曲線的 2023 年？我們是否會繼續保持在 2.65% 2.75% 的季度 NIM 範圍內？

Erika, so if we look at our NIM for the first 6 months of the year, we were at 2.74%. And the beta early in the year was quite low, and we were able to keep our deposit costs at 9 basis points, which is up just 4 basis points from quarter-over-quarter. And we expect in the second half of the year, the beta will pick up as the Fed fund raises its rate. So again, it's hard to predict, but this is why we provide the guided range of the top half of our 2.65% to 2.75%.

Erika，所以如果我們看一下今年前 6 個月的 NIM，我們是 2.74%。今年年初的 beta 相當低，我們能夠將存款成本保持在 9 個基點，比上一季度僅上升 4 個基點。我們預計下半年，隨著聯邦基金加息，貝塔係數將回升。再說一次，這很難預測，但這就是為什麼我們提供 2.65% 到 2.75% 的上半部分的指導範圍。

We'll take our next question from Bill Carcache with Wolfe Research.

我們將向 Wolfe Research 的 Bill Carcache 提出我們的下一個問題。

I apologize there is some construction taking place near us here. You've addressed the appetite of your customer base to continue to engage with you at current activity levels even in more challenging environments, and your strong growth to date despite the sharp increase we've seen in rates is certainly encouraging. But could you speak more specifically to how you think about the point at which negative wealth effects, rising unemployment and the other things that you see in a recession start to impact your model? Or should we really think of just the nature of your model is really being sort of immune to a recession?

很抱歉，我們附近正在施工。您已經滿足了客戶群的興趣，即使在更具挑戰性的環境中也能以當前的活動水平繼續與您互動，儘管我們看到費率急劇上升，但迄今為止您的強勁增長無疑令人鼓舞。但您能否更具體地談談您如何看待負面財富效應、失業率上升以及您在衰退中看到的其他事情開始影響您的模型的點？還是我們真的應該考慮一下您的模型的性質是否真的對衰退免疫？

Bill, Mike Selfridge. Maybe just a couple of thoughts. There's certainly a wealth effect in macroeconomic factors affect any market. But if you look at what we're going after here in terms of a satisfied client with a Net Promoter Score overall of 79, we think the highest in the industry. Mike alluded to the growth rate, more than half the growth rate coming from existing clients. A lot of these clients have been with us for years. They're active, up cycles, down cycles. And I want to reemphasize relationship and service is at a premium in a down market. And market size or market penetration, we have a lot of room to grow in any market. So I'll go back to the consistency that was mentioned, the stability, the room to grow safely and soundly, and we feel optimistic about that.

比爾，邁克塞爾弗里奇。也許只是一些想法。宏觀經濟因素肯定會產生財富效應，影響任何市場。但是，如果您從淨推薦值總體為 79 的滿意客戶來看，我們在這裡追求的是什麼，我們認為是業內最高的。邁克提到了增長率，超過一半的增長率來自現有客戶。這些客戶中有很多已經與我們合作多年。它們是活躍的，上升週期，下降週期。我想再次強調關係和服務在低迷的市場中非常重要。而市場規模或市場滲透率，我們在任何市場都有很大的成長空間。所以我會回到之前提到的一致性、穩定性、安全穩健增長的空間，我們對此感到樂觀。

Maybe -- it's Jim. Maybe just let me add a little historical perspective since I've been around for a while. The Bank generally does very well in these cycles. And the reason is that other competitors tend to get, they pull back, they let go of loan processing, they let go other people that support the service delivery, and so their delivery times go out. And our ability to compete actually generally increases, and it's based more on service than it is on rate. But, we can compete on rate too because our funding costs are better, in fact, than the big banks, if you look at their total funding cost versus ours. But mostly, it's about service and consistency of delivery. Remember that a lot of purchase finance has in the middle of it, the intermediary called brokers -- real estate brokers and they know of our service, and they come to us. They bring the deals over to us. So in fact, it's a very large business. We're in these coastal urban markets. The home lending business is very big, and we do not have dominant share position so it's easy enough for us to take an additional share position, that's happening now and it will happen and probably even greater percentage-wise as through this, whatever is coming probably a downturn.

也許——是吉姆。也許只是讓我添加一點歷史觀點，因為我已經有一段時間了。銀行通常在這些週期中表現良好。原因是其他競爭者傾向於獲得，他們撤退，他們放手貸款處理，他們放手支持服務交付的其他人，所以他們的交付時間就結束了。而且我們的競爭能力實際上普遍提高了，而且更多的是基於服務而不是速率。但是，我們也可以在利率上競爭，因為如果你看看他們的總融資成本與我們的相比，我們的融資成本實際上比大銀行要好。但主要是關於服務和交付的一致性。請記住，很多購買融資都在其中，中間人稱為經紀人——房地產經紀人，他們知道我們的服務，他們來找我們。他們把交易交給我們。所以事實上，這是一個非常大的業務。我們在這些沿海城市市場。房屋貸款業務非常大，我們沒有占主導地位的份額，所以我們很容易獲得額外的份額，這正在發生，而且會發生，而且可能會更大，因為通過這個，無論即將發生什麼可能是低迷。

That's super helpful. So just following up on those final comments, Jim, are you seeing notably less competition among mortgage lenders today who've pulled back amid the increase that we've seen in rates? And is that sort of contributing to more favorable margins?

這非常有幫助。因此，吉姆，只是跟進這些最終評論，您是否看到今天抵押貸款機構之間的競爭明顯減少，他們在我們看到的利率上漲中退出了？這是否有助於提高利潤率？

I would say at this point, we're seeing the leading edge of it, but not very much yet. More -- anyone relying on the secondary market, of course, is out of the market. So it's only the balance sheet lender is still in the market. But some of their deliveries are not as good as they were. They're still great lenders, and they're still great competition, but they're not as good as they were. But mostly, it's the degree of certainty that the intermediaries like real estate brokers can count on, and they know they can count on First Republic. And so that competitive advantage will increase as things get more volatile and more dicey as we go forward.

我想說，在這一點上，我們看到了它的領先優勢，但還不是很多。更多——當然，任何依賴二級市場的人都被排除在市場之外。所以只有資產負債表貸方仍在市場上。但是他們的一些交付不如以前那麼好。他們仍然是偉大的貸方，他們仍然是偉大的競爭者，但他們沒有以前那麼好。但主要是房地產經紀人等中介機構可以依靠的確定性程度，他們知道他們可以依靠第一共和國。因此，隨著我們前進的過程中事情變得更加不穩定和更加冒險，競爭優勢將會增加。

And is it also fair that a unique part of the business model is that as you're extending loans to new clients that there is incentive for them to bring perhaps other deposits over with them? Maybe could you give a sense of what percentage of the clients that you're extending loans to are also bringing deposits over with them?

商業模式的一個獨特部分是，當你向新客戶提供貸款時，他們有動力將其他存款帶過來，這也是公平的嗎？也許您能了解一下您向其提供貸款的客戶中，有多少百分比的客戶也將存款帶了過來？

The model absolutely is that, as you probably know, we do relationship pricing. But still, as Mike Roffler -- as Mike Selfridge and Roffler both said, most of our business is with existing clients and their direct referrals. The direct referrals go up in this environment. When their friends are having trouble getting something done, they say you ought to try First Republic. It's pretty simple. This is not a complicated thing. And if you're in the game long term and steady, you win when things are unsteady.

該模型絕對是，您可能知道，我們進行關係定價。但是，正如 Mike Roffler —— 正如 Mike Selfridge 和 Roffler 都所說，我們的大部分業務都與現有客戶及其直接推薦人合作。在這種環境下，直接推薦會上升。當他們的朋友在做某事時遇到困難時，他們會說你應該試試第一共和國。這很簡單。這不是一件複雜的事情。如果你在遊戲中長期穩定，當事情不穩定時你會贏。

That's great. Super helpful. If I can follow up on earlier comments on the funding side, your year-over-year loan growth and deposit growth were both 23%. But on a sequential basis, some investors are asking about the roughly 60% of your loan growth this quarter that was funded by FHLB advances. Could you speak to what's happening there? And whether as we look ahead, we should expect your deposit growth to remain in line with?

那太棒了。超級有幫助。如果我可以跟進之前關於資金方面的評論，您的貸款同比增長和存款增長均為 23%。但在連續的基礎上，一些投資者詢問本季度大約 60% 的貸款增長是由 FHLB 預付款資助的。你能談談那裡發生的事情嗎？展望未來，我們是否應該期望您的存款增長保持一致？

So I just maybe harken back. The last 2 years were absolutely phenomenal from a deposit funding perspective, if you look at the growth, and that allowed us to continue to reduce non-deposit funding, which we've done. And then as not unexpected, and we may have even talked about this on our last call, as rates start to rise and you see this through the Federal Reserve data, deposits have grown less than an industry basis. That said, ours have continued to grow to support our lending and investing activities. And if it grows a little bit less than loan growth this year, because of how strong we're coming into that, we're prepared for that,it's considered in our forecasting, and we'll continue to grow. It just may be at a lesser pace than it was in the past two years, which were outstanding years.

所以我只是可能會回來。從存款資金的角度來看，過去兩年絕對是驚人的，如果你看一下增長，這使我們能夠繼續減少非存款資金，我們已經做到了。然後不出所料，我們甚至可能在上次電話會議上談到了這一點，隨著利率開始上升，你可以通過美聯儲的數據看到這一點，存款增長低於行業基準。也就是說，我們的業務繼續增長以支持我們的貸款和投資活動。如果它今年的增長略低於貸款增長，由於我們對此的強勁程度，我們已經為此做好了準備，我們的預測中考慮了這一點，我們將繼續增長。它的速度可能比過去兩年要慢，這是傑出的幾年。

But again, just to reiterate, the reason we feel confident in that growth is the service model and how we develop full service relationships, be it through wealth management, a new lending client or deepening relationships with clients each and every day.

但再次重申，我們對增長充滿信心的原因是服務模式以及我們如何發展全方位服務關係，無論是通過財富管理、新貸款客戶還是每天與客戶加深關係。

Thanks for especially the historical context, Jim, that was very helpful.

特別感謝吉姆的歷史背景，這非常有幫助。

We'll take our next question from Manan Gosalia with Morgan Stanley.

我們將向摩根士丹利的 Manan Gosalia 提出下一個問題。

Just a couple of quick follow-ups from me on the loan growth side. Firstly, I just wanted to ask on multifamily loans, in addition to resi, you're seeing a lot of strength in multifamily originations as well. I know you said that part of that was seasonality, but there's really some strong underlying growth there as well. So can you talk a little bit more about where that underlying growth is coming from? Is that also some people getting in ahead of rates, or is there a more fundamental share gain story there?

我只是在貸款增長方面做了一些快速的跟進。首先，我只是想問一下多戶貸款，除了 resi，你在多戶貸款方面也看到了很多力量。我知道你說這部分是季節性的，但那裡也確實有一些強勁的潛在增長。那麼你能多談談潛在增長的來源嗎？這是否也有一些人領先於利率，還是那裡有更基本的股票收益故事？

Manan, thanks, Mike Selfridge. Multifamily is not going to follow the seasonal patterns precisely with single family. So that's a little more of the opportunity from the client. Like our model, more than half of the growth rate in that comes from existing clients, folks that have been in the business for a long time and look for opportunities.

馬南，謝謝，邁克塞爾弗里奇。多戶家庭不會完全遵循單戶家庭的季節性模式。所以這更多的是來自客戶的機會。與我們的模式一樣，其中一半以上的增長率來自現有客戶，即從事該行業很長時間並尋找機會的人。

I think multifamily has been a solid asset class in general. As housing prices have increased, there's more demand for rents. Rents in general are above pre-pandemic levels, but solid with lower vacancies. So I think it's just been investment opportunities that our clients have spotted and executed on.

我認為多戶家庭總體上是一個穩固的資產類別。隨著房價的上漲，對租金的需求也越來越大。租金普遍高於大流行前的水平，但空置率較低。所以我認為這只是我們的客戶發現並執行的投資機會。

Okay. Great. And then separately, I know you've mentioned you're investing in teams and ramping up in new markets like Florida and Seattle and also some urban areas along the coast. How much do you expect that to contribute to growth in lending this year and maybe offset any slowdown that you may see in mortgages as rates rise? Is that a second half '22 story, or do you think that's more of a 2023 story at this stage?

好的。偉大的。然後另外，我知道你提到你正在投資團隊並在佛羅里達和西雅圖等新市場以及沿海的一些城市地區進行擴張。您預計這將在多大程度上促進今年的貸款增長，並可能抵消您在利率上升時可能看到的抵押貸款放緩？這是 22 年下半年的故事，還是您認為現階段更像是 2023 年的故事？

Yes, it's probably more the latter of what you said. We're really excited with the group of individuals and colleagues that we've hired to serve clients. You specifically mentioned the Seattle area, and we continue to expand our presence in Florida and in the Palm Beach area where we're at. But I think it's probably more of a '23, especially in Seattle as we get known in the market greater than a big contributor in '22. But, we're very excited about the clients we have there already and the reception we've received in the market thus far.

是的，這可能更像是你所說的後者。我們對聘請來為客戶服務的個人和同事團隊感到非常興奮。您特別提到了西雅圖地區，我們將繼續擴大在佛羅里達州和我們所在的棕櫚灘地區的業務。但我認為這可能更像是 23 年，尤其是在西雅圖，因為我們在市場上的知名度超過了 22 年的主要貢獻者。但是，我們對我們已經在那裡擁有的客戶以及迄今為止我們在市場上收到的接待感到非常興奮。

We'll take our next question from Andrew Liesch with Piper Sandler.

我們將接受 Andrew Liesch 和 Piper Sandler 的下一個問題。

Just going back to the margin range question here, I'm still thinking you can maybe beat the high end of that. And I understand the deposit beta comments. But I'm just curious, is it also on the yield side? Do you expect the growth in the asset betas just to slow? It seems like with your high-quality service, there's an opportunity for the charge more, especially as you're able to serve clients better on the mortgage front than the non-balance sheet lenders that have left the market.

回到這裡的保證金範圍問題，我仍然認為你可以擊敗高端。我理解存款測試版的評論。但我只是好奇，它是否也在收益方面？您是否預計資產貝塔的增長會放緩？似乎有了您的高質量服務，就有機會收取更多費用，特別是因為您能夠在抵押貸款方面為客戶提供比已離開市場的非資產負債表貸方更好的服務。

Yes. Maybe I could just step back a little bit. I mean, we're at the top half of the range for the first half of the year. And like I mentioned earlier, for us, it's about consistency and stability of the margin over long periods of time. Olga mentioned that we're really pleased where the deposit betas remain low. But we all know as the Fed accelerates, as they have, that will pop up a little bit. And we talked about sort of the low 20s, and that's not reflected quite yet.

是的。也許我可以退後一點。我的意思是，我們在今年上半年處於該範圍的上半部分。就像我之前提到的，對我們來說，這關乎利潤率在很長一段時間內的一致性和穩定性。 Olga 提到我們非常高興存款貝塔值仍然很低。但是我們都知道，隨著美聯儲的加速，正如他們所做的那樣，這會有點突然出現。我們談到了 20 多歲的人，這還沒有完全反映出來。

That said, we remain competitive in the marketplace also from a lending standpoint. Mike Selfridge talked about the capital calls, for example, the asset yields are adjusting nicely as the Fed raises rates. If we think about how the business has operated while the Fed has raised, I guess, 150 basis points through June precisely and consistently as we would have hoped or would have expected because we -- again, stability of margins, stability of efficiency while continuing to serve clients and deeper relationships, and we're exactly on point with that.

也就是說，從貸款的角度來看，我們在市場上仍然具有競爭力。 Mike Selfridge 談到了資本呼籲，例如，隨著美聯儲加息，資產收益率正在很好地調整。如果我們考慮一下當美聯儲在 6 月份之前準確且一致地提高 150 個基點時，業務是如何運作的，正如我們希望或預期的那樣，因為我們——再次，利潤率穩定，效率穩定，同時繼續為客戶和更深層次的關係服務，我們正是在這一點上。

And so could we be at the top end? It feels like a pretty good spot to be. But also the Fed is going to be pretty aggressive here in the second half of the year as they really try to tame inflation. And so we think that the stable model wins over the long term and continue to be steady over the long term.

那麼我們能處於最高端嗎？感覺是個不錯的地方。但美聯儲在下半年也將非常激進，因為他們真的試圖控制通脹。因此，我們認為穩定的模式會在長期內獲勝，並在長期內繼續保持穩定。

Got it. Okay. That's really helpful. And then just on that 3.7% resi loan yield that you talked about, can you just talk about the mix of arms in that versus 15- or 30-year fixed rate mortgages?

知道了。好的。這真的很有幫助。然後就你談到的 3.7% 的 resi 貸款收益率，你能談談與 15 年或 30 年期固定利率抵押貸款的組合嗎？

It's Mike. I don't have that off the top of my head. But I'd say a majority of our single-family origination volumes historically as well have tended to be hybrids, 5s, 7s and 10s.

是邁克。我並沒有想到這一點。但我想說，從歷史上看，我們的大多數單戶家庭起源數量也往往是混合動力車、5s、7s 和 10s。

Got it. Okay. And that's still the case. I'm just curious, what's the demand for it right now more demand for 5s or 7s or 10s, I guess?

知道了。好的。情況仍然如此。我只是好奇，現在對它的需求是什麼，對 5s 或 7s 或 10s 的需求更多，我猜？

I would say the 7 is probably coming in the best right now, generally. I mean mix is week-to-week. It just depends on really the client. So it's a little bespoke, but 7s maybe 10s.

我會說 7 現在可能是最好的，一般來說。我的意思是混合是每週一次。它只取決於真正的客戶。所以它有點定制，但7s可能10s。

We'll take our next question from Jared Shaw with Wells Fargo.

我們將向富國銀行的 Jared Shaw 提出下一個問題。

Just following up on a few of the other questions. Mike Selfridge, I appreciate the update on the yields that you've seen more recently. Do you have the origination yields for the average for the quarter?

只是跟進其他幾個問題。 Mike Selfridge，感謝您最近看到的有關收益率的更新。你有本季度平均的原始收益率嗎？

I have -- I do, Jared. For all real estate, originations is about 3.18%-ish, call it, in that range, for all loans about 3.20% for the quarter.

我有——我有，賈里德。對於所有房地產，本季度的所有貸款約為 3.20%，在這個範圍內，起源約為 3.18%。

And what about single-family residential?

那麼單戶住宅呢？

Single-family residential was a little over 3%, and this is an average origination. As I mentioned, I gave you the sort of the 6-week average earlier with Steve's question.

單戶住宅的比例略高於 3%，這是一個平均水平。正如我提到的，在史蒂夫的問題中，我給了你 6 週的平均值。

Yes, definitely. And then Olga, on the 21 basis point spot deposit rate, is that interest-bearing, or is that for total deposits?

當然是。然後奧爾加，以 21 個基點的即期存款利率計息，是計息還是總存款計息？

Jared, this is total deposits.

Jared，這是總存款。

Okay. And then, I guess, just finally. When we look at Slide 29 on the deck for the asset sensitivity, which I guess is based on March 31, given some of that move, should we assume that that may shift to liability sensitive with the recent rate moves and the expectation going forward?

好的。然後，我猜，就在最後。當我們查看幻燈片 29 上的資產敏感性時，我猜它是基於 3 月 31 日的，考慮到其中的一些變化，我們是否應該假設隨著最近的利率變動和未來的預期，這可能會轉變為對負債敏感？

Not based that our preliminary view is it's still slightly asset sensitive, which is where we've consistently been.

並非基於我們的初步觀點是它仍然對資產敏感，這是我們一直以來的情況。

We'll take our next question is from Chris McGratty with KBW.

我們的下一個問題來自 KBW 的 Chris McGratty。

Great. Just going back to the funding. Last cycle, Mike, you were around 100% loan to deposit. You're 90% today. What's the comfort level to let that drift, given the size of the balance sheet today?

偉大的。只是回到資金。上個週期，邁克，你大約有 100% 的貸款來存款。你今天是 90%。考慮到今天資產負債表的規模，讓這種漂移的舒適度是多少？

We're very comfortable. Obviously, we're coming in 85%, 90% where we've been, and we've operated in the high 90s to 100. And we feel like given our funding sources and the strength of our liquidity profile, we could operate in that range again.

我們很舒服。顯然，我們將達到 85% 和 90% 的水平，並且我們在 90 年代到 100 年代的高位運營。我們覺得鑑於我們的資金來源和流動性狀況的優勢，我們可以在又是那個範圍。

Okay. And then just a couple of quick ones. The brokerage line popped up, wondering if that was anything unusual there? And then the BOLI line, I'm wondering kind of a fair run rate. I know there's some seasonality there.

好的。然後只是幾個快速的。經紀行突然出現，想知道那裡有什麼不尋常的地方嗎？然後是 BOLI 線，我想知道一個公平的運行率。我知道那裡有一些季節性。

I don't think there's anything unusual. Whenever there's quite a bit of market volatility, we tend to see more trading brokerage activity. So I think that's consistent with what we've seen in past volatile markets.

我不認為有什麼不尋常的。每當市場波動很大時，我們往往會看到更多的交易經紀活動。所以我認為這與我們在過去動蕩的市場中所看到的一致。

And on the BOLI side, Chris, if we look at the income from life insurance contracts, it's impacted -- certain contracts impacted by the mark-to-market. With the market volatility during the second quarter, we've seen a decline in the income that was driven by mark-to-market. And just to remind you, there is offsetting a corresponding reduction from benefit-costs related to those contracts, so you'll see the offset on the other side of the income statement. I'll give you an example. On second quarter, the impact of negative mark-to-market to this line was about $12 million, which compares to about $4 million last quarter. And if you remove the market volatility component, our run rate for life insurance contracts will be around the $20 million - $21 million line.

在 BOLI 方面，克里斯，如果我們看一下人壽保險合同的收入，它會受到影響——某些合同會受到按市值計價的影響。隨著第二季度的市場波動，我們看到由盯市驅動的收入下降。提醒您，與這些合同相關的福利成本相應減少，因此您會在損益表的另一側看到抵消。我給你舉個例子。在第二季度，負市值對這條線的影響約為 1200 萬美元，而上一季度約為 400 萬美元。如果你去掉市場波動的成分，我們的人壽保險合同的運行率將在 2000 萬美元到 2100 萬美元之間。

We'll take our next question from Brian Foran with Autonomous.

我們將用 Autonomous 向 Brian Foran 提出我們的下一個問題。

Maybe to preface the question, I mean, I think you've shown over and over again that you're always going to be pristine and best-in-class on credit. But on the allowance and where it is today, can you just give us a flavor, any key assumptions? Are you assuming home price declines already in your base case probability of recession? Just any kind of flavor on some of the -- I know it's a big process and there's no one assumption that drives it, but just helping us gauge how much of the cycle is already embedded in that allowance?

也許作為這個問題的序言，我的意思是，我認為你已經一次又一次地表明，你總是會保持純潔和一流的信譽。但是關於津貼和今天的情況，你能給我們介紹一下，任何關鍵假設嗎？您是否假設房價已經在衰退的基本情況下下跌？只是在某些方面的任何一種味道——我知道這是一個很大的過程，沒有任何假設可以推動它，但只是幫助我們衡量有多少週期已經嵌入到該津貼中？

Yes, sure. Brian. The allowance for loan losses were at 48 basis points at our quarter end. And we feel it's appropriate given our standing credit track record. And just to remind you, level of provisioning is dependent on the loan mix. And for example, single-family loans were in the lower reserve requirement. And more than 70% of our growth during this quarter was coming from single family. And if you think about our charge-offs for the quarter, we were at $1.3 million, and we reserved $31 million. And in terms of the assumptions, we use Moody's scenarios. And if we compare them to the previous scenarios, the assumptions did not change -- the scenarios didn't change that much. In fact, they got a little slightly better from the last time we used them. So I would say the provision was solid driven by the growth in our loan book.

是的，當然。布賴恩。在我們的季度末，貸款損失準備金為 48 個基點。鑑於我們的信用記錄，我們認為這是合適的。提醒一下，撥備水平取決於貸款組合。例如，單戶貸款的準備金要求較低。本季度我們超過 70% 的增長來自單身家庭。如果你考慮一下我們本季度的沖銷，我們是 130 萬美元，我們保留了 3100 萬美元。在假設方面，我們使用穆迪的情景。如果我們將它們與之前的情景進行比較，假設並沒有改變——情景並沒有太大的變化。事實上，與我們上次使用它們相比，它們稍微好一點。所以我想說，這筆撥備是由我們貸款賬簿的增長推動的。

And maybe, Brian, if I could just stand back for a minute. I mean one of the things that our reserve levels take into account is the historical performance of the Bank. In over 37 years, the cumulative losses are 9 basis points. And so when you layer that in on a cumulative basis and you look at history and also look at 75%, 80% real estate secured at 55% to 60% loan to values, projected losses are pretty modest. Even when a Moody's scenario has a home price decline in it, when you're at 55% loan to value, there's still not a lot of projected loss. And so, I think it speaks to the long-term safety and stability of how we underwrite credit and how we think about being there for clients in all cycles and all environments. And the way you do that is to be safe at all times.

也許，布賴恩，如果我能後退一分鐘。我的意思是我們的準備金水平考慮的一件事是銀行的歷史表現。在超過 37 年的時間裡，累計損失為 9 個基點。因此，當您將其累積起來並查看歷史並查看 75%、80% 的房地產以 55% 至 60% 的貸款價值進行擔保時，預計損失相當適中。即使穆迪的情景中有房價下跌，當您的貸款價值為 55% 時，預計損失仍然不大。因此，我認為這說明了我們如何承保信貸的長期安全性和穩定性，以及我們如何考慮在所有周期和所有環境中為客戶服務。您這樣做的方式是始終保持安全。

Got it. And one follow-up. At this point about some instances of brokers coming to you amidst market turmoil or maybe turmoil is too strong of a word, but in greater periods of uncertainty. I hadn't really thought of that. Is there any sizing you can give? What percentage of loans over a certain period are coming through brokers? And then I'm sure you do a great job cross-selling those customers more broadly through the Bank. Does it happen over the same time line as someone who comes to directly? Or is there a little bit more of a lag where some of that broker referred production turns into deposits and wealth?

知道了。和一個後續。在這一點上，一些經紀人在市場動盪或可能動盪這個詞太強烈，但在更大的不確定性時期會來找你。我真的沒有想到這一點。您可以提供任何尺碼嗎？在一定時期內，有多少百分比的貸款來自經紀人？然後我相信你在通過銀行更廣泛地交叉銷售這些客戶方面做得很好。它是否與直接來訪的人發生在同一時間線上？或者是否存在更多的滯後，其中一些經紀人提到的生產變成了存款和財富？

It's Jim. Let me respond to that because I made that comment. First of all, let me be extremely clear. We we do not do brokered loan business. I'm talking about real estate brokers who are on a sale who refer their clients to find a home mortgage. It's all direct lending. The bank is direct lender. But that business picks up as a share of that business because we're more reliable and more predictable.

是吉姆。讓我對此作出回應，因為我發表了該評論。首先，讓我非常清楚。我們不做中介貸款業務。我說的是正在出售的房地產經紀人，他們推薦他們的客戶尋找房屋抵押貸款。都是直接貸款。銀行是直接貸款人。但該業務作為該業務的一部分而上升，因為我們更可靠和更可預測。

Got it. Okay. So it's a different thing. This is a real estate broker who's seeing some deals fall through with other lenders and just starts coming to you guys because their main focus is making sure the house gets sold.

知道了。好的。所以這是另一回事。這是一位房地產經紀人，他看到一些交易與其他貸方失敗，才開始找你們，因為他們的主要重點是確保房子被賣掉。

Yes, exactly. And of course, that has great value long term because it may be the first time they ever tried us before. And they're in the business repetitively for a long period. So it's actually very attractive.

對，就是這樣。當然，從長遠來看，這具有很大的價值，因為這可能是他們以前第一次嘗試我們。他們在很長一段時間內重複地從事這項業務。所以它實際上非常有吸引力。

And Brian, I'll just address your second question. Is there a lag in cross selling? Jim mentioned relationship-based pricing. So we want a relationship. We often won't get everything all at once. There's a saying here, just get trial. And that's why once they discover the service and the relationship, half the growth rate or more comes from the existing client who likes what they're experiencing and starts to consolidate more of their banking and wealth management with us. So that I would call that a lag.

布賴恩，我會回答你的第二個問題。交叉銷售有滯後嗎？ Jim 提到了基於關係的定價。所以我們想要一段關係。我們通常不會一下子得到所有東西。這裡有句俗話，試一試。這就是為什麼一旦他們發現服務和關係，一半或更多的增長率來自喜歡他們所體驗的現有客戶並開始與我們整合更多的銀行和財富管理。所以我稱之為滯後。

And we'll take our next question from Ebrahim Poonawala with Bank of America.

我們將向美國銀行的 Ebrahim Poonawala 提出下一個問題。

I just had one final question around -- as we think about the margin, I think you had a bunch of questions around the outlook for deposit betas and such. I think the struggle Olga, Mike, is around if we assume that single-family originations are coming around, let's call it, 3 to 3.25 funding costs, given how quickly the Fed is moving implies a pretty sharp compression risk in the margin.

我剛剛問了最後一個問題——當我們考慮保證金時，我認為你對存款貝塔等的前景有很多問題。我認為，如果我們假設單戶家庭的起源即將到來，我認為奧爾加和邁克將面臨 3 到 3.25 的融資成本，因為美聯儲的行動速度有多快意味著利潤率面臨相當大的壓縮風險。

So would -- I guess, one, is that a reasonable concern as we think about 2023 in terms of the risk of margin compression? And second, when you think about the relationship deposits coming on, are the costs materially different relative to your back book on the deposits when we think about pricing?

那麼——我想，第一，當我們考慮到 2023 年的保證金壓縮風險時，這是一個合理的擔憂嗎？其次，當您考慮到即將發生的關係存款時，在我們考慮定價時，相對於您的存款賬簿，成本是否存在重大差異？

On the second part of your question, I would say no because, typically, they're coming from relationships where we're having a new relationship where relationships are being built, and you do a loan and you bring deposits in a portion of that's in checking and some of it may be in money market, but I wouldn't see it as a greater pricing than the current portfolio.

關於你問題的第二部分，我會說不，因為通常情況下，他們來自我們正在建立新關係的關係，並且你做了貸款，你帶來了其中一部分的存款在檢查中，其中一些可能在貨幣市場上，但我認為它不會比當前的投資組合定價更高。

I'd also highlight, $70 billion, $75 billion of our deposits are noninterest-bearing relationship-based focus, right? And so again, that gives us some protection from how fast the Fed looks to be willing to move here in the second half of the year.

我還要強調，700 億美元、750 億美元的存款是基於非計息關係的重點，對吧？因此，這再次為我們提供了一些保護，使其免受美聯儲在今年下半年願意以多快的速度轉移到這裡。

There's a page in our investor deck that talks about the resiliency and the repricing of our loan portfolio. When you combine floating rate assets with historical repayments has really offset the rise in funding costs, which continue to be very modest. And the new loan yields that Mike Selfridge talked about, right, that's a portion of the loan portfolio, you don't reprice the whole portfolio. And then if I stand back from all that, I think we had talked about this earlier, it's about consistency and stability over long periods of time, which leads to growing balance sheet, growing net interest income. It's never been about expand the margin and keep growth modest. It's been about serve clients that leads to future growth, keep things consistent and stable over long periods of time.

在我們的投資者頁面中有一個頁面討論了我們的貸款組合的彈性和重新定價。當您將浮動利率資產與歷史還款相結合時，確實抵消了融資成本的上升，這仍然非常溫和。 Mike Selfridge 談到的新貸款收益率，是的，這是貸款組合的一部分，你不會對整個組合重新定價。然後，如果我不考慮這一切，我認為我們之前已經討論過這個問題，這是關於長期的一致性和穩定性，這會導致資產負債表的增長，淨利息收入的增長。它從來都不是為了擴大利潤並保持適度增長。它是關於為客戶提供服務，從而帶來未來的增長，讓事情在很長一段時間內保持一致和穩定。

Got it. And just one quick follow-up on the market share opportunity. I think, Jim, in the past, you've talked about the big banks go from hot to cold. It feels like they're getting cooler. I'm just wondering, does that create incrementally better opportunities given the kind of macro environment that we are heading into?

知道了。並且只是對市場份額機會的快速跟進。我想，吉姆，在過去，你曾談到大銀行從熱到冷。感覺他們越來越酷了。我只是想知道，考慮到我們正在進入的那種宏觀環境，這是否會創造越來越好的機會？

Generally, yes, it does. But we know the thing to remember is that although we're very proud of the success of the Bank, we're still a small market share in most of the markets we're in. So for us to take a bit of share is not that challenging to be perfectly frank.

一般來說，是的，確實如此。但我們知道要記住的是，雖然我們對銀行的成功感到非常自豪，但在我們所處的大多數市場中，我們仍然只佔很小的市場份額。所以我們要分一杯羹是坦率地說，並不是那麼具有挑戰性。

The next question comes from Jon Arfstrom with RBC.

下一個問題來自 RBC 的 Jon Arfstrom。

Just I'll make this quick. Mike Selfridge, on the capital call lending, loan yields, you mentioned prime minus 75 or 100 [basis points] (added by company after the call). Do you think that kind of pricing can hold as prime continues to rise? So if we get 75 or 100 at the end of the month, do you expect that pricing to react by 75 or 100, or is it just too competitive to make it that linear?

只是我會盡快完成。 Mike Selfridge，關於資本調用貸款，貸款收益率，您提到了負 75 或 100 [基點]（在電話會議後由公司添加）。您認為隨著 Prime 價格的持續上漲，這種定價方式還能維持嗎？因此，如果我們在月底獲得 75 或 100，您是否預計定價會反應 75 或 100，或者它是否太具有競爭力而無法使其線性化？

I think it's more of the latter. It's very competitive. And there's, as you know, a couple of key players in that business, and we'll get some benefit to the upside. But I think the range -- I feel comfortable in the range I gave you. As prime goes up, I think we'll benefit from that. Maybe not 100% in terms of loan beta, but we'll get some upside. But I think there's a bit of a ceiling just due to competition.

我認為更多的是後者。這是非常有競爭力的。如您所知，該行業有幾個關鍵參與者，我們將獲得一些好處。但我認為範圍 - 我在我給你的範圍內感覺很舒服。隨著黃金價格的上漲，我認為我們會從中受益。就貸款測試版而言，也許不是 100%，但我們會得到一些好處。但我認為只是由於競爭而存在一些上限。

Yes. Okay. And then just one quick one. In your slide deck, you show about half of your loans have repricing time frames in a year or less and then another half fixed in hybrid. Can you just talk a little bit about some of the repricing time frame on that fixed and hybrid portion of the book?

是的。好的。然後只是一個快速的。在您的幻燈片中，您展示了大約一半的貸款在一年或更短的時間內重新定價，然後另一半以混合方式固定。你能談談本書固定和混合部分的一些重新定價時間框架嗎？

Yes. So the way that slide is built is it's on a historical perspective of how much of those fixed and hybrids repay over a period of time. And so that's what's built into it. It's a floating rate plus a portion of those that prepay over time. And the hybrid and fixed has sort of been a 4- to 6-year period, typically, if you just were to look at it sort of on a stand-alone basis. But really, what that's getting at is it shows the power of growth over time, right? As rates are rising, not only -- it's a dynamic nature of our client base in our loan portfolio and balance sheet because it's growing, it's repricing to market as new deals are done. And as you see, we had quite a bit of good new business in the quarter. And so again, that long-term perspective of serving clients allows us to reprice over time, which is offsetting any funding rates or the Fed very well right now.

是的。因此，幻燈片的構建方式是從歷史的角度來看，這些固定資產和混合資產在一段時間內償還了多少。這就是它內置的內容。這是一個浮動利率加上一部分隨著時間的推移而預付的利率。混合型和固定型通常需要 4 到 6 年的時間，如果您只是在獨立的基礎上看待它的話。但實際上，它的意思是它顯示了隨著時間的推移而增長的力量，對吧？隨著利率的上升，不僅——這是我們的貸款組合和資產負債表中客戶群的動態性質，因為它在增長，隨著新交易的完成，它正在對市場進行重新定價。正如你所看到的，我們在本季度有很多不錯的新業務。同樣，服務客戶的長期視角使我們能夠隨著時間的推移重新定價，這現在很好地抵消了任何融資利率或美聯儲。

We'll take our next question from Tim Coffey with Janney.

我們將向蒂姆·科菲和珍妮提出下一個問題。

Given the weakness that we're seeing in office commercial real estate, especially in the San Francisco Bay area, have you increased your underwriting standards on that product or otherwise become more selective?

鑑於我們在寫字樓商業房地產中看到的弱點，尤其是在舊金山灣區，您是否提高了對該產品的承保標准或變得更有選擇性？

We've always been more selective. I would say we've been even more cautious in the last few years, but certainly the last 6 months, and you're probably reading headlines on sort of large high rises with 30% occupancy. We're not in that business. We're in the small CRE deals, median loan size, $2 million loan-to-value at origination, typically less than 55% with recourse, debt service coverage experienced operators.

我們一直都比較挑剔。我想說我們在過去幾年裡更加謹慎，但肯定是過去 6 個月，你可能正在閱讀關於 30% 入住率的大型高層建築的頭條新聞。我們不在那個行業。我們從事小型 CRE 交易，貸款規模中值，初始貸款價值比為 200 萬美元，通常低於 55%，有追索權、償債覆蓋率經驗豐富的運營商。

Okay. Okay. So the vacancy rate in the general San Francisco market of 20%, you don't think that's really going to have much of an impact?

好的。好的。所以舊金山市場 20% 的空置率，你不認為這真的會產生很大的影響嗎？

I don't think so for what we do, no. I think people are being very selective in what they purchase. And typically, they've been in the business for many cycles. So they know what they're doing, and they know how to make it work.

對於我們所做的，我不這麼認為，不。我認為人們在購買商品時非常挑剔。通常情況下，他們已經從事了許多周期的業務。所以他們知道他們在做什麼，他們知道如何讓它發揮作用。

Okay. And then on the stock secured lending, is the collateral there just highly liquid stocks, or could it include restricted stocks?

好的。然後在股票抵押貸款中，抵押品是否只是流動性高的股票，還是包括限制性股票？

It's only highly liquid stocks.

它只是高流動性的股票。

We'll take our next question from David Chiaverini with Wedbush.

我們將向 Wedbush 的 David Chiaverini 提出我們的下一個問題。

I thought it was impressive to see such a high level of refi in the quarter for SFR at 48%. I was curious, what's the mix of new versus existing clients on the refi side? And then the follow-up would be, where do you expect that 48% refi level to go going forward?

我認為在本季度看到如此高的 SFR 再融資水平達到 48% 令人印象深刻。我很好奇，refi 方面的新客戶和現有客戶的組合是什麼？然後跟進的是，您預計 48% 的 refi 水平會在哪裡發展？

Dave, the refi -- I would just characterize refi as more than majority being another bank's clients, so external clients coming to First Republic. And I know we've said historically that it hasn't drifted over the long run down below 40%. We could see refi in terms of mix drop below 40%, given the headwinds with rising rates.

戴夫，refi——我只是將 refi 描述為超過大多數是另一家銀行的客戶，因此外部客戶來到第一共和國。而且我知道我們在歷史上已經說過，從長遠來看，它並沒有下降到 40% 以下。鑑於利率上升的不利因素，我們可以看到混合方面的 refi 下降到 40% 以下。

Dave, maybe I'd just add on a second. One of the things about refi and the business we're doing is such a testament to our service model and our colleagues that are serving clients each and every day. As Mike mentioned, the opportunity coming from clients at other banks is a direct result of the great service that those colleagues provide to clients. Because as Jim, Mike have mentioned, referrals are very strong, especially in periods of maybe where service isn't as great, right? And so, I think it's a real testament to how we focus on service delivery at all times, and our colleagues do a wonderful job of that in any environment. Being there right now for clients is extremely important in this period of volatility. And we don't -- nobody hides under the desk at First Republic. They pick up the phone and make phone calls and they engage with their clients frequently, and you see that in the results.

戴夫，也許我再補充一下。關於 refi 和我們正在做的業務的一件事就是證明我們的服務模式和我們每天為客戶服務的同事。正如邁克所說，來自其他銀行客戶的機會是這些同事為客戶提供的優質服務的直接結果。因為正如吉姆，邁克所提到的，推薦非常強大，尤其是在服務可能不是很好的時期，對吧？因此，我認為這是我們始終專注於服務交付的真實證明，我們的同事在任何環境中都做得很好。在這個動盪時期，為客戶服務是極其重要的。我們沒有——沒有人躲在第一共和國的桌子底下。他們拿起電話並撥打電話，並經常與客戶互動，您可以在結果中看到這一點。

We'll take our next question from Steven Alexopoulos with JPMorgan.

我們將向摩根大通的 Steven Alexopoulos 提出下一個問題。

The theme of safety and stability has been emphasized quite a few times on the call today, and I want to ask a follow-up to Jim. I know you're not an economist, but you are one of the longest-standing executives in the industry. And like you said, you've seen a few cycles over the past 37 years. Jim, from a big picture view with all the uncertainty out there, what's your assessment of the risk of what lies ahead, and what are you most focused on today?

今天的電話會議上多次強調了安全和穩定的主題，我想請吉姆跟進。我知道你不是經濟學家，但你是業內最資深的高管之一。就像你說的，在過去的 37 年裡，你已經看到了幾個週期。吉姆，從一個充滿不確定性的大局來看，你對未來風險的評估是什麼，你今天最關注的是什麼？

Thanks, Steve. Well, I'm not an economist, but maybe the scars are better than in education, I'm not sure which. I think we're seeing kind of a normal but somewhat rapid tightening cycle play out following an excessively long period of cheap money. I started the Bank in August of 1980 before this one and lived through the Volcker years, and they were pretty brutal. But on the other hand, it worked out, to have 2 recessions, but the rest of the '80s were actually quite attractive.

謝謝，史蒂夫。好吧，我不是經濟學家，但也許傷疤比教育要好，我不確定是哪個。我認為我們正在看到一種正常但有點快速的緊縮週期在過長時間的廉價資金之後上演。我於 1980 年 8 月在此之前創辦了銀行，並度過了沃爾克的歲月，他們非常殘酷。但另一方面，它成功了，經歷了兩次衰退，但 80 年代剩下的時間實際上非常有吸引力。

So I think what we're seeing is the beginning of the solution, you're watching some prices begin to stabilize has not come down, some are coming down. You're watching people pull back, particularly in the Valley and the tech pull back unemployment, if not letting go, they're certainly stopping their hiring. And so it's a normal process. The Fed has to play catch up. They're behind and they're doing -- they're likely to do so pretty quickly.

所以我認為我們看到的是解決方案的開始，你看到一些價格開始穩定並沒有下降，一些正在下降。你正在看著人們撤退，特別是在矽谷，科技行業正在拉回失業率，如果不放手，他們肯定會停止招聘。所以這是一個正常的過程。美聯儲必須迎頭趕上。他們落後了，他們正在做——他們可能會很快做到這一點。

So I think you're likely to see the recession is probably coming of some kind, and it will stabilize a lot of the excesses. I don't think that it's threatening overly to us as we're not naive, and it obviously is a challenge, but I think it will be fine. The quicker the rates go up, the faster inflation will be resolved. The thing that Volcker did that's so important is he moved really boldly and got ahead of it. But it took 2 recessions to get there. And not that I'm predicting that because I'm not.

所以我認為你可能會看到經濟衰退可能會以某種方式出現，它將穩定很多過度行為。我不認為這對我們有太大的威脅，因為我們並不天真，這顯然是一個挑戰，但我認為它會沒事的。利率上升得越快，通貨膨脹就會越快得到解決。沃爾克所做的如此重要的事情是他非常大膽地行動並領先於它。但它需要 2 次經濟衰退才能到達那裡。並不是說我在預測，因為我不是。

But -- so I think we're just fairly -- we're in maybe the second or third inning of what's going to be required to get inflation under control. That would be my personal opinion.

但是——所以我認為我們是公平的——我們可能正處於控制通脹所需的第二或第三局。那將是我的個人意見。

That concludes today's question-and-answer session. At this time, I will turn the conference back to Mike Roffler for any additional or closing remarks.

今天的問答環節到此結束。此時，我將把會議轉回給 Mike Roffler，以獲取任何補充或結束語。

I'd just like to say thank you for joining our call today, and we are excited about the service model and our continued excellent delivery for clients and look forward to the future. Thank you.

我只想對您今天加入我們的電話表示感謝，我們對服務模式和我們為客戶持續提供的出色服務感到興奮，並期待未來。謝謝你。

This concludes today's call. Thank you for your participation. You may now disconnect. .

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。 .